Ulster Bank has announced more mortgage rate cuts across every term length and said it was reducing the minimum loan amount for its five year fixed rate of 2.2% from €300,000 to €250,000.

Ulster Bank said it now offering lower two, four and ten-year fixed rate mortgages, starting from 2.2%, for first time buyers, home movers and mortgage switchers with a loan-to-value (LTV) of up to 80%

It said that customers with an LTV of up to 90% can also avail of the lowest four and ten-year rates on the market, as well as a reduced rate for the bank's five-year fixed product.

The new rates will be available from Thursday.

The bank said that a customer with a 25-year, €250,000 mortgage (80% LTV) on a variable rate of 4.5% could save over €300 on their monthly repayments over five years by switching to its five-year fixed rate of 2.2%.

Ulster Bank also said it introducing a convenient digital paperless mortgage application with help from bank colleagues to further support customers remotely and digitally. 

It said that customers must first request a call back from the bank in order to gain access to this document upload capability, which allows customers to upload documents and digitally identify and verify themselves from their home.

Ulster Bank's Managing Director of Personal Banking, Ciarán Coyle, said it was offering customers a safer, quicker and more convenient way to start and progress their mortgage application with its new multi-channel, digital paperless journey. 

"This further enhances our innovative digital Home Buying Platform, which puts customers in control and allows them to choose how they complete the journey, whether that's online, with our video bankers with our colleagues in branches or with telephone support. They can control the pace at which they progress their mortgage application from the comfort of their own homes," he said.